The July Reno/Sparks Market Statistics Report reveals some interesting facts that I’d like to take a moment to share.
The first major indicator is our local Median Sold Price, which for the first time in 18 months remained flat. Active Inventory was up over 22% and New Listings rose by 10% over the previous month. On the other hand, there are several clues suggesting that we’re still in a strong seller’s market. Despite rising inventory, our average Days to Contract dropped by almost 50%. This indicates that well-priced homes remain in high demand and still sell very quickly. Excluding 2020, these trends are customary as the market enters the fall season.
There are some national trends that mirror ours. According to the nationwide Realtor.com report for July, new listings rose by 6.5%. They also reported that the list price for available homes remained stable at $385,000 June – July and there are some indicators that the inventory of affordable homes is on the rise.
For those potential buyers that have been on the fence for the past 18 months, this may be a good time to enter the market. There’s a strong chance that you’ll find more active inventory but the need to strike quickly will almost certainly remain. Sellers will need to price more aggressively against their competition compared to this time last year, which may sound ludicrous considering that most of our homes have appreciated over 20% in the past 12 months.
A question I hear regularly is: “When will prices go down”? Barring some unexpected financial catastrophe, there is no indication that overall demand, hence prices, will decrease over the next 24 months, particularly in Northern Nevada.
I hope that you’re enjoying the Summer and look forward to helping in any way I can with your real estate services. Best wishes.